Based on the basic theory of financing platform and diversified operation， using financial data from all kinds of platforms which issued bonds in capital market from 2001 to 2008， this paper investigates whether diversified operation can efficiently ease financial distress of local governments’ financing platforms. It is found that diversification of ownership can improve the turnover speed and profitability， thus efficiently reducing the whole risk of financing platforms. However，diversified industry has great effect on enhancing usage of funds for the platforms， but its usefulness of improving profitability and controlling risk is not obvious. In general， diversified strategy eases the financial risk to some extent. Further research finds that the reason why industry diversification has little effect on risk reduction is that the financing platforms bear more debt in the process of industry diversification，which increases its financial risk.